Vladimir Zboykov: New times have come for jewelers

How a personal collection of minerals was thrown on the scrap-heap, who is behind the destruction of gemstone consumption culture in Russia and why jewelers will soon have to choose between business and prison – all this was told to Rough & Polished...

Yesterday

Changing preconceptions in the diamond and financial markets

Eli Avidar is a man on the move…literally. In April, the former Israeli diplomat stepped away from the CEO’s office at the Israel Diamond Exchange, a position he had held for more than two years, and from the Israel Diamond Institute, where he had been...

13 august 2018

Chasing a dream…

Elina Chan, MD of Shenzhen Shi Qing Yu Zhubao Ltd completed her higher education from Xiamen University and Master’s degree from Hong Kong University. To achieve her dream to start a business, Elina gave up numerous job opportunities in Hong Kong and...

06 august 2018

Pangolin Diamonds using termites to find kimberlite indicators in Botswana

It is not a secret that the rate of kimberlite discovery in Botswana has dropped considerably and research has shown that termites can help diamond explorers have an understanding of the transport mechanism of kimberlite indicator minerals from the kimberlite...

30 july 2018

In another fifty years, we’ll have a different scale of valuation, and all those items of natural origin – including diamonds – will sharply increase in price

Within the framework of the Qatar-Russia 2018 Year of Culture, the World Diamond Museum hosts an exhibition of the Qatar Museums at the State Historical Museum in Moscow – "Pearls: Treasures of the Seas and the Rivers," that opened on 11 July...

24 july 2018

Mountain Province declares dividend

10 august 2018

Mountain Province Diamonds said it has decided to declare a dividend of 4 cents per share following a “good” performance of the mine and cash reserves that stood at C$33.5 million as at June 30, 2018, a C$4.8 million increase from the prior quarter balance of C$28.7 million.

news_11042018_gahcho_kue.jpg
Image credit: Mountain Province


“The company's policy is to manage down the debt levels and to pay reasonable dividends based on available cashflows,” said Mountain Province chief executive Stuart Brown.
“The level of future dividends may go up or down dependent on these cashflows which are strongly linked to realised diamond prices as well as the covenants relating to dividend declarations under the revolving credit facility and the secured notes payable conditions. "
The company was also set to generate significant positive cash flows for the second half of the year as cash funding commitments for the Gahcho Kué Mine were heavily weighted to the first half of the year for winter road supply and capital commitments. 
Meanwhile, a record 1.9 million carats were recovered at an average grade of approximately 2.15 carats per tonne in the second quarter of 2018.
The first half output was 3,6 million carats compared with 2.5 million carats, a year earlier.
The increase in output was as a result of ongoing improvements and optimisation work since commercial production began in early 2017.
Mountain Province was targeting to produce between of 6.3 and 6.6 million carats this year.
Its sales during the second quarter of 2018 was the highest achieved to date in the company's history with C$99.1 million ($76.8 million) recognised as revenue. 
This excludes about C$10.7 million ($8.1 million) in revenue from 43,000 carats in Sale 5 which was not received until July 2018. 

Mathew Nyaungwa, Rough&Polished